Economy of Rutania
UNDER CONSTRUCTION =Overview= =Composition= Agriculture Industry Manufacturing Mining Logging Timber is especially common and is one of the nation's largest exports with paper products and furniture also occupying large portions of the economy. The timber industry is located in the hills and mountains that occupy the southern and northwestern half of the nation. Financial Services Technology & Research Tourism and Entertainment =Notable Companies= =Energy= .]] Because Rutania has no oil, it depends on oil imports with transportation having the highest consumption rates, accounting for approximately 77.3% of the oil used in the country. Rutania currently imports most of it's oil from Dorvik and all of its natural gas from Aloria. Rutania's energy needs are sustained mostly through the domestic production of coal and uranium, both of which are also exported. Currently, 55% of energy is derived from fossil fuels; 32% from coal, 23% comes from natural gas and 2% is from petroleum. Renewable energy and nuclear making up the remaining 45%; 8% comes from wind, 7% is solar and 5% is generated through hydroelectricity. Nuclear energy accounts for the remaining 22% of energy as Rutania has been more accepting of nuclear energy as of recent, with tax subsidies given towards the construction and operation of any nuclear plant. Nuclear energy in Rutania was once a complex and controversial issue, but is now generally accepted, save for the issue of construction funding. Of the 10 plants that are in operation, 8 were constructed between 3100 and 3400 are all Generation II reactors. The remaining 2 plants are Generation III reactors and were constructed during the 3570s. In 3594, the government began construction on a nuclear storage facility in a remote part of Bozarland to house spent nuclear waste. Energy Production As of 3600, this is the generation of energy within Rutania. =Finance= Stock Exchanges Rutania has two privately owned stock exchanges. The oldest is the Port Nelson Stock Exchange (PNSE) which has been in operation since 2452. Often referred to as "The Exchange", it is located in the Vanderburg's financial district and is one of the largest stock markets in Artania. It features 3 indices, most notably the CORE 40, which features 40 major companies, all which operate in Rutania. The other stock exchange is the Commonwealth Mercantile Exchange (COMEX) which is located in Mirigodon. Opened in 3094, it operates as a commodity futures exchange, trading commodities such as Uranium, Coal, Aluminum and Grain. =International Trade= =Currency and Central Bank= The Rutanian Ruta is the unit of currency of Rutania. The Ruta is among one of the most used currencies in international transactions and is considered a reserve currency due to its value. The government sets monetary and fiscal policy to ensure inflation is kept in check and economic growth is sustained along with low unemployment. Rutania operates a private central bank, known as the Rutanian Central Bank, who's job is to provide a safe and stable currency. For some time during the mid 3300s, Rutania's high national debt caused some to believe the Ruta will lose its status as a reserve currency, however these predictions did not come to fruition. =Government= Debt As of January 3691, debt held by the public was 38.064 billion RUT, approximately 13% of the current GDP. That is a significant increase over the past 50 years but nowhere near where it was over three hundred years ago, the debt was 187.8 billion RUT, the highest ever recorded. In response to the debt, the government decided to start paying down the debt in order to avoid financial catastrophe. Approximately 70% of of the debt can be traced back to the construction of the Inter-Regional Highway Network, a project which took 93 years to complete and 778 billion RUT. Further adding to the debt was the period known as the "Century of War" which occurred during the 3100s when the Rutania was directly involved in 5 wars over a span of 100 years. Another problem was the operation of New Englia as a colonial possession which would later be granted independence and subsequently given a cash incentive that was paid out for a period of 50 years. Finally, Rutania engaged in various public spending ventures including buying new equipment for the nation's military. None of the things mentioned were paid for and eventually led to an increase in the national debt which was nominal at the time. Economists project that Rutania's debt rose close to 350% during that time. The government pays down it's debt at the beginning of a new fiscal year (April 1) with the budget surplus for that particular month. Rutania is working towards being debt free, however there are problems complicating that move. Despite the country's budget surplus, only 5% of it is used to pay down outstanding debt obligations and with the rapidly increasing trade deficit as well as government being involved in the funding and construction of several transit systems, it seems for the time being Rutania will remain in debt, albeit not at the levels seen during the 32nd century. Federal Budget Note: The budget table is a WIP. In Fiscal Year 3645, the federal government ran a budget surplus of 762 million RUT. The federal public debt was 25.8 billion RUT (9% of GDP) as of January 1, 3646. Taxation =Links= Rutania Category:Rutania